Bank of America cuts CCB stake to 1%

The US bank says it has sold 10.4 billion shares through private transactions. Based on the latest market price, the stake is valued at about $7.4 billion.

Bank of America last night announced that it has sold the majority of its remaining H-shares in China Construction Bank through privately negotiated transactions, reducing its stake to approximately 1%, the US bank said in a press release.

It didn’t disclose the size of the transactions, except to say that it sold 10.4 billion shares, but based on yesterday’s closing price, the stake is valued at about $7.4 billion. It is unlikely that BoA...